Blended Family finance

[MuddleMoo]

Hi,
I have stepchildren and my own child and my DH and I are looking at how to split finances fairly.
We both work. I am the lower earner. I work part time and we pay for childcare on the days I am working.

We like the idea of having our own accounts where we can spend the money freely and a joint account for all shared bills which we will pay into proportionately to income. On top of this DH will be using his savings to pay for most of the work that is needed around the house.

My question is, is it fairest to work out the proportions before the Matainance payment (privately arranged and both parents agree is sufficient so no issues there) is deducted from DHs salary or after?

Wouldn't savings for your joint DC come out of the joint pot, rather than your fun money OP?

Assuming that you're doing more unpaid domestic work and childcare for the benefit of all of you, don't fall into the 'you earn less so should have less' trap.

You could instead choose to work the same number of hours and split all the work at home 50/50.

The GP are their Maternal GPs and have no connection to our child.

Thanks so much everyone - you've all be very helpful

@RandomMess

Why do you pay 50:50 when your earrings are reduced because you look after his child?

I don't understand when you are married anyway.

Second paragraph of the original post.

He has some savings for all his, I want to have some savings for my 1 in addition. He is saving equally but my SC have savings from their GP which OH knows about as they were in place before the divorce. So they don't need savings for uni etc.

@SleepingStandingUp you or can still have your own pot of money to spend freely when you are married and everything comes from the joint pot! You just agree to how much you each get and want the joint pot does/doesn't cover!!

[quote RandomMess]@SleepingStandingUp you or can still have your own pot of money to spend freely when you are married and everything comes from the joint pot! You just agree to how much you each get and want the joint pot does/doesn't cover!!

[/quote]
You asked why she was paying 50:50 when she earns less. It says in the 2nd paragraph paying proportionally

For what it's worth I think it should all go in one pot, CM, savings, home maintenance etc paid from that and then you both have the same 'spends' I presume by working part time you do the lion's share of childcare, housework etc so that evens up the difference in salary.

Yes I do. I do plan to go back full time in a couple of years. And job situations can change so we're keen to sort out the principles now. I think we both might be so keen on making it "fair" that we are needlessly complicating things, so we'll look at the numbers this weekend. As a PP said the difference might be so small it's not worth looking at.

What if your DH sets up an account for your child as well, and pays the half to that account of the amount for DSC.
You then Split the bills according to what moneys you have left, paid into a joint account.
This way your joint child has a savings pot.
The rest each of you have is spending money.
Any big items your child needs can come out of the savings account.
As your income rises your DH gets a bit more spending money.